Ratner called the 50-year-old entertainer “a comedic genius; one of the greatest and most influential live performers ever.” Mischer called Murphy “a truly groundbreaking performer” whose “quick wit and charisma will serve him very well as Oscar host.”

This will be Murphy’s first time hosting the Academy Awards. He was nominated for an Oscar in 2006 for his supporting role in “Dreamgirls.”

Murphy said in a statement Tuesday that he is “enormously honored” to join the ranks of past Academy Awards hosts such as Johnny Carson, Bob Hope, Billy Crystal, Steve Martin and Whoopi Goldberg.